No protectionism

The Swiss daily Le Temps sees light at the end of the tunnel after the World Economic Forum in Davos, but warns against protectionism. "The crisis is worldwide, and it is very, very serious. ... But there is good news. Countermeasures exist and are known. At the very least the World Economic Forum in Davos has served to outline them. Coordinated state action must be undertaken on an international level to stabilise the world of finance and stimulate the economy. And participants have committed to promoting trade. Yet the barriers are already going up. London, Brussels and Washington are giving in to pressure from the lobbies and demonstrations. The Brazilian foreign minister warned in Davos that it was protectionism that turned the 1929 recession into the Great Depression. Perhaps at that time people were not fully aware of the benefits of trade. That is no longer the case today. We must not let ourselves be blinded by the lure of protectionism. Participants at Davos must honour their commitments, especially the G20."

» full article (external link, French)
More from the press review on the subject » Economic Policy, » Switzerland, » Global
All available articles from » Frédéric Lelièvre

» To the complete press review of Monday, February 2, 2009